The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-15
WHEir FOLLOWS COFFEE
on THE DOWNWARD PATH WITH
EQUALLY
Disastrous Results "A PAnlc Strikes
Chicago MahiPulators That
Knocks Them Cut.
SEVERAL BIG FAILURES RE-
CORDED AS TIE RESULT.
The Feeling Among Coffee Brokers
Much Stronger Yesterday, With
Hopes OF Recovery.

NKw YcRK, June 1.-The feeling
In the street among coffee brokers is
stronger this morning. Gables from
Havre and Rio note increase OF prices,
standing at Hsvre 2 cents above the
New York quotations and 8 cents
above at Rio.
A private Hsvre cable dated today
at 1880 O'Clock am, gives sn ad-
vance OF francs, which is equivalent
to 40 points in the New York market.
All this tends to strengthen the feel
ing on Change.
The talk on the street is OF the
grand stand Of the old war horse, J. j.
0'Donogue, in staying the tide yester.
day, which would otherwise have Car
ried widespread disaster. Mr.. ODon-
ogue feels coLfdelt. He believes
that the scene Of yesterday will not
be Tspes;ed. Said he: "At least one
big house was very closely pushed
yesterday, and two others had a mar.
row Escape. But they are all right 10.
day. The big one has now $500 900 In
the bank TO It's credit, and will meet
all demands. stand behind them,
and there is no danger. ALI feel that
the market Ia now in stronger hands.
Buyers are beginning to think the
bottom Is reached, and are sending in
orders. ! have filed orders for 1000
bags this morning In the regular order
Of business"
The Rio speculRtors who bolstered
up this boom, are considered shaky
lot. They have way Of dropping on
a falling market. Speculators and
brokers from Baltimore and Pniladel-
phia are 6ocking into the street today
and q general feeling OF suppressed ex-
element rules. Brokers are gathered
together on the streets discussing the
situation this morning.
The stock market is weak and there
are appearances OF the bull clisues
unloading on account OF the unsettled
state OF the coffee and wheat markets,
Most of the selling orders came from
London and sre principally In Union
Pacific, Erie, Reading aud st. Paul.
The coffee market opened firm, s5
to 100 points, or nearly lie per
pound above yesterdays close. The
feeling is much improved, and the
general belief is that the worat 10 over.
W. ii. Crossman 4 Brother are sus-
tanning the market strongly and bid
ding for 10000 bag lots at the ad.
vanced prices Quotations: July,
17.l0c bid; August, I8 Soc; September,
17b5c; October, 1775c; November,
1T.e6c.
At ths Arst call at the Coffee Ex-
change this morning an excited crowd
OF brokers gathered about the beard.
The heavy buyers OF yesterday did not
noticeably appear to the front. The
market was fsveTish aud unce tain.
The Gales recorded at the first call,
however, an advance on an average OF
1c. Fluc nations were great and q
wide range If prices appeared. Out
aide the rail was q donss crowd. To-
side the D all was excitement.
Cablesfrom Have showing q raise
OF 80 points steAdied the market and
infused a temporary life into the
crowd. Later cable from Rotterdam
saying sellers were reluctant to sell at
present prices was received with
cheers TIE local eales ON the first
call we're 40 800 bags. A great deal OF
excitement was manifested 40 10 the !
prospects, OF settlement OF Arnold i
90. and MBekAy d Small, who went
under yesterday.
When seen ny reporter Mr.. b. G.
Arnold said his finn WAS not prepared
to make statement for some days to
come. So far he had not heard from
any OF his customers. Mr.. Small, Of
Mackay 4 Small, said they were I'M
able to iurnish statement. "The
crisis ia over" taid Mr.. Small, and
today, think, W shall be able to pay
dollar Tor dollar. Our customers win
not suffer by cur loss"
The street 10 III ] OF rumors OF trouble
among banks ct Chicago and Cincin-
natl, but telegrams from those places
deny them.
The situation this afternoon was
marked by none of the excitement If
yesterday. But email throng Of
brokers were on HAND at the second
call, az d business was slow. After the
first call there hsd been an average
decline Of As points, March leading
with drop OF 90 and August doing
better with drop Of 80 points. 0rdi.
narily such drop would have caused
rush I the brokers, bat the wild eX-
element OF yesterday seemed to have
taken away the power Of surprise. TIE
Gales mp TO the second call were 12l,.
$50 bags.
A still further decline was marked
by the BIDS OF the call at O'Clock.
The table appended shows the fail
ing off in prices bid al tbs secoud cali:
JenusIy and February, II 85c to l7ic;
March, April, Ma and June, no b ds;
July, l6 90o TO 1900; August, 1880
TO lie; September, 1850 to l7.l5c;
October, II 65c to " 80; November,
1770C to l740c; December, II SOC to
174c A cable from Havre, shoGiug
decline Of irsnC,or about 20 points,
was read ssf,er the second call, The
cable was dated 6 pm today. Il had
q depl sing effect, The average price
OF settlement with B g. Arnold & Co,
as ruled by yesterdays salos, are.
June delivery, 10 33c; Juy, 15.47o;
Auguet, 1890; September, Is O3c;
October, IL Tic; November, l6 SIC;
December, l67lc; January, l6ic,
February, 1880; March, l704c;
April, l7o7c. The figures represent
cents per pound on which the settle
ment is TO be made.
After the second call there was re-
action all along the line. Traussc.
tiors were not rapid, but the prices
paid went up to about the same fig
ures as the opening sales of tue call
at IL o'clock. No firms announced
Suspension today. The closing quota
tions showed an advance Of I25 points
on an average above yesterday, or tic
q pound. The total sales were 200 900
bags. The appended table presents
the closing QUO atoms Of the dsv:
Bid, offered
January .,....... .,.,.'...,,.lo III IL ~
FebfuaTy..".'''' .'',....".lo 10 Is ~
0afeO ,........ ..'..'..s..s.s.slo.%O 1870
Apfll......s'' ...,..,.. 'ss's'''. '.s'ss ,,,....
May. ....... .s''...' ,'.'....'.. .''... 80 '''
j une ........ ..........,......"i 1910 Jt.W